Advantages Vs Disadvantages
What is the biggest advantage of being an entrepreneur?
Being your own boss.
What does franchising mean you don't have to do when starting a business?
You don't have to create a brand from scratch.
What defines a small business in the United States?
Independently owned and has fewer than 500 employees.
What is the first step on becoming an entrepreneur?
Idea Generation.
What should you do first when starting your own business to ensure that there is demand for your idea?
Research your target market.
How many businesses fail within the first year?
20%
How do economic trends shape your business plan and affect your customers?
High prices might push customers away, but a strong job market could give more people money to spend.
What is the greatest strength of a small business?
Innovation.
You need what to operate legally?
License and Permits.
Why is creating a solid plan and securing funding important before launching a product or service?
To ensure that the business is organized, sustainable, and ready for a successful launch.
How much does it cost on average to own a small retail store?
$50,000
Who owns and is responsible for running their own location in a franchise?
The franchisee.
What are the two largest industries small businesses thrive in?
1. Professional, scientific, and technical services.
2. Construction.
In what step do you hire the employees?
Step 4: Growth and Scaling.
Who were the well-known entrepreneurs mentioned and what companies did they create?
Jeff Bezos (Amazon)
Howard Schultz (Starbucks)
Larry Paige and Sergey Brin (Google)
How many hours do small business owners work on average at first?
60 hours
What kind of support does the franchisor usually provide to the franchisee?
Training, marketing, and support.
Why are small businesses important to the US economy?
Vital for creating new jobs and make up more than 99% of all firms in the US.
What goes into identifying a market gap?
Finding a problem to solve.
Name one example of a successful small business located in Colorado that was mentioned.
The Unseen Bean
Never Summer Industries
Mosqueda Delicacies Ice Cream & More
Topo Designs
What can be the drive of your company as a business owner?
Your passion.
How can technology benefit a small business?
Utilizes online marketing for wider audiences and improves customer service with digital tools.
In the 5th step shifting your focus from _____ to _____ occurs.
1. Day to Day
2. Long term visions
In which city is the Unseen Bean based?
Boulder.